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SQI Q1 Net Loss Improves to $1.7M

NEW YORK (GenomeWeb News) – SQI Diagnostics reported late Thursday a net loss of C$1.7 million (US$1.7 million), or C$.05 per share, in its fiscal first quarter, down from a net loss of C$2.3 million, or C$.07 per share, from a year ago.

The company did not disclose revenues for the period and figures were not yet available on the SEDAR website, which provides financial reports for publicly traded Canadian companies.

The Toronto-based company said that during the quarter ended Dec. 31, 2011, its R&D costs were reduced to C$959,000 from C$1.5 million a year ago, as it accelerated its celiac quantitative assay through the regulatory approval process and pulled back on development of assays that were in earlier stages of development in order to conserve cash.

The firm's corporate and general expenses decreased 7 percent to C$305,000 from C$329,000 a year ago. SQI ended the quarter with $2.5 million in assets.

In December, the company restructured its business to focus on its Diagnostics Tools and Services business, reducing its workforce by 14 positions and concentrating operations on in vitro products in production; regulatory filings for later-stage quantitative multiplexed products already in development; and generation of near-term revenues by "converting several of the many current prospects for our Diagnostic Tools and Services offerings," it said at the time.

The company also began developing its first research-use only assay, a 7-plex antibody panel for quantifying cytokines, during the quarter, it said, and a few weeks ago, it announced a deal with Integrated Sciences to distribute SQI's in vitro diagnostic products in Australia.

"Our first quarter was highly productive from a development, commercial, and capital markets perspective," Andrew Morris, CFO of SQI Diagnostics, said in a statement Thursday. "We anticipate that the commercial momentum created in the recent reporting period will continue in the coming quarters, as we convert our well-developed target customer opportunities in our Diagnostic Tools and Services business to generate near-term revenues from products and services, and as we continue with the development of our core IVD multiplexed panels in the autoimmune disease segment."

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